Mario Gabelli

Mario Gabelli

Last Update: 05-06-2016

Number of Stocks: 798
Number of New Stocks: 37

Total Value: $15,162 Mil
Q/Q Turnover: 4%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Mario Gabelli Watch

  • Mario Gabelli Comments on Viacom Inc.

    Viacom Inc. (NASDAQ:VIA) (6.7%) (VIA – $46.42 – NASDAQ) is a pure-play content company that owns a global stable of cable networks, including MTV, Nickelodeon, Comedy Central, VH1, BET, and the Paramount movie studio. Viacom’s cable networks generate revenue from advertising sales, fixed monthly subscriber fees, and ancillary revenue from toy licensing, etc. We believe a low valuation and M&A potential outweigh the secular risks of cord-cutting.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • Mario Gabelli Comments on Sony Corp

    Sony Corp. (NYSE:SNE) (3.3%) (SNE – $29.35 – NYSE) is a diversified electronics and entertainment company based in Tokyo, Japan. The company manufactures televisions, PlayStation game consoles, mobile phone handsets, and cameras. It also operates the Columbia film studio and Sony Music entertainment group. We expect the new PlayStation launch and operational improvements in consumer electronics and entertainment to generate EBITDA growth through 2017. We also think the spinoff of the entertainment assets could be a catalyst.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • Mario Gabelli Comments on Ryman Hospitality Properties Inc.

    Ryman Hospitality Properties Inc. (NYSE:RHP) (1.6%) (RHP – $50.65 – NYSE) is a Nashville, Tennessee based REIT that owns convention hotels in Nashville, Tennessee; Orlando, Florida; Dallas, Texas; and Washington, D.C. Other assets include the iconic Opryland, the famous Ryman Auditorium, the General Jackson Showboat, and Nashville based radio station WSM-AM. With property manager Marriot’s operational issues resolved, the team is focused on taking advantage of strong convention bookings trends, seeking to drive margin expansion by increasing occupancy and room rates. Finally, as the leading country music entertainment brand, the potential monetization and spin-off of the Entertainment assets, including the Grand Ole Opry, also remains a significant catalyst for RHP shares.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • Mario Gabelli Comments on Newmont Mining Corp

    Newmont Mining Corp. (NYSE:NEM) (3.5%) (NEM – $39.12 – NYSE) based in Denver, Colorado, is one of the largest gold mining companies in the world. Founded in 1921 and publicly traded since 1925, NEM is the only gold company included in the S&P 500 Index and Fortune 500. We expect the company to produce approximately 5.1 million ounces of gold and 320 million pounds of copper in 2016, with over 70% of this production coming from Australia and Nevada. Newmont undertook company wide cost cutting measures during the period 2013 – 2015, lowering its average unit costs base by over 20% during this period. The company has sold non-core assets and has deployed the proceeds from these sales into repaying debt and building new projects which it expects will generate superior rates of return for shareholders. Given Newmont’s largely fixed cost base, every increase (or decrease) in the gold price will flow directly to the company’s bottom line.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • Mario Gabelli Comments on Honeywell International Inc.

    Honeywell International Inc. (NYSE:HON) (3.1%) (HON – $116.32 – NYSE) operates as a diversified technology company with highly engineered products, including turbine propulsion engines, auxiliary power units, turbochargers, brake pads, environmental and combustion controls, sensors, security and life safety products, resins and chemicals, nuclear services, and process technology for the petrochemical and refining industries. One of the key drivers of HON’s growth are acquisitions that increase the company’s growth profile globally, creating both organic and inorganic opportunities. The company recently acquired Elster Industries, a leading provider of thermal gas solutions, smart meters, software and data analytics for the commercial, industrial and residential heating market. Elster’s gas business offers products in high demand among natural gas customers and brings a strong, global distribution network and numerous cross-selling opportunities for existing HON technologies to new customers. Elster’s gas, electric and water meters are highly valued for their reliability, safety and accuracy. The company maintains an installed base of more than 200 million meter modules deployed over the course of the last 10 years that generate significant recurring revenues. We believe acquisitions such as Elster should drive meaningful and sustained growth for HON spurred by global energy efficiency initiatives and natural resource management.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • Mario Gabelli Comments on Edgewell Personal Care Co.

    Edgewell Personal Care Co. (NYSE:EPC) (2.0%) (EPC – $84.41 – NYSE) based in St. Louis, Missouri, is the personal care division of Energizer Holdings, which split its personal care and household products divisions on July 1, 2015. Edgewell generates approximately $2.3 billion of revenue through its principal businesses: wet shaving, including Schick-branded razors and blades, Edge and Skintimate shaving preparation and private label shaving products; sun care, including the Banana Boat and Hawaiian Tropic brands; feminine care, including Playtex and o.b. tampons and Carefree and Stayfree liners and pads; and infant care, utilizing the Playtex and Diaper Genie brands. As a pure-play personal care company, Edgewell competes in high-margin, attractive categories with leading brands. We expect management to focus on improving margins through product mix, restructuring savings and operating leverage, which should afford it flexibility to reinvest in growth opportunities. The company has approximately $1.2 billion of net debt providing management with sufficient flexibility to invest in internal growth, make acquisitions and/or repurchase shares. EPC is a likely acquisition target as a multinational competitor with a strong international infrastructure would benefit from scale, cost synergies, and the opportunity to accelerate international expansion.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • Mario Gabelli Comments on DISH Network Corp

    DISH Network Corp. (NASDAQ:DISH) (1.8%) (DISH – $52.40 – NASDAQ) is the fourth largest pay television provider in the U.S., serving approximately 14 million subscribers through its original satellite business and newer Sling internet delivered over-the-top offering. Founder Charlie Ergen owns approximately 53% of DISH’s shares. DISH has accumulated a significant spectrum position at attractive prices. DISH could monetize its spectrum through a sale of the spectrum or the whole company, or, more likely, a partnership with an existing wireless operator.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • Mario Gabelli Comments on CBS Corp

    CBS Corp. (NYSE:CBS) (6.8% of net assets as of June 30, 2016) (CBS – $57.62 – NYSE) operates the CBS television network and the premium cable network Showtime. It also owns 29 local television stations and 130 radio stations. We believe that CBS has a number of opportunities to generate incremental non-advertising revenue from the sale of existing content through its OTT platforms, online video distributors and retransmission agreements with traditional distributors. In addition, we expect a continued recovery in advertising to contribute to earnings growth. Finally, we believe that financial engineering, including the split-off of its radio business, could act as a catalyst for shares.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund second quarter commentary.   


  • The Gabelli Value 25 Fund 2nd-Quarter Shareholder Commentary

    To Our Shareholders,

      


  • Mario Gabelli Comments on Xylem Inc.

    Xylem Inc. (NYSE:XYL) (1.2%) (XYL – $44.65 – NYSE) is a global leader in the design, manufacturing, and application of highly engineered technologies for the transportation, treatment, and testing of water. The company is expected to benefit from favorable long term fundamentals in the water industry, driven by scarcity, population growth, aging of the infrastructure, and the need to improve water quality. Further, with a large installed base of pumps and systems, the company is well positioned to increase aftermarket revenue, which currently represents roughly 40% of total revenues. Xylem’s attractive business mix also generates strong cash flow, which is expected to support acquisitions across geographies and end markets and increase returns to shareholders. XYL is expected to generate 8%-12% earnings per share growth through 2020 as it accelerates its capital deployment strategy globally.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Waste Management Inc.

    Waste Management Inc. (NYSE:WM) (1.0%) (WM – $66.27 – NYSE) is the largest non-hazardous waste collection and disposal company in the United States. The company collects waste for commercial, industrial, municipal, and residential customers throughout the United States, and operates 249 landfills, 297 transfer stations, 104 recycling facilities, and 122 landfill gas-to-energy facilities. WM has focused on improving profitability by increasing return on capital and cash flow at each of its operations, through cost cutting and price increases. In addition, the company is looking for new environmentally friendly ways to increase returns from garbage, such as landfill gas. The company has a history of returning its strong cash flow to shareholders, both through dividends and its large share repurchase program.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Twenty-First Century Fox Inc.

    Twenty-First Century Fox Inc. (NASDAQ:FOXA) (2.1%) (FOXA – $27.05 – NASDAQ), (0.1%) (FOX – $27.25 – NASDAQ) is a diversified media company with operations in cable network television, television broadcasting, filmed entertainment, and direct broadcast satellite television. Cable networks account for 70% of the company’s EBITDA, and benefit from contractually recurring affiliate fees and exposure to the fast growing global pay television market. We also expect the company to benefit from rising demand for premium content, driven by emerging distribution platforms such as Netflix, retransmission revenue, and aggressive share repurchases.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Sony Corp

    Sony Corp. (NYSE:SNE) (1.0%) (SNE – $29.35 – NYSE) is a diversified electronics and entertainment company based in Tokyo, Japan. The company manufactures televisions, PlayStation game consoles, mobile phone handsets, and cameras. It also operates the Columbia film studio and Sony Music entertainment group. We expect the new PlayStation launch and operational improvements in consumer electronics and entertainment to generate EBITDA growth through 2017. We also think the spinoff of the entertainment assets could be a catalyst.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Ryman Hospitality Properties Inc.

    Ryman Hospitality Properties Inc. (NYSE:RHP) (0.2%) (RHP – $50.65 – NYSE) is a Nashville, Tennessee based REIT that owns convention hotels in Nashville, Tennessee; Orlando, Florida; Dallas, Texas; and Washington, D.C. Other assets include the iconic Opryland, the famous Ryman Auditorium, the General Jackson Showboat, and Nashville based radio station WSM-AM. With property manager Marriot’s operational issues resolved, the team is focused on taking advantage of strong convention bookings trends, seeking to drive margin expansion by increasing occupancy and room rates. Finally, as the leading country music entertainment brand, the potential monetization and spin-off of the Entertainment assets, including the Grand Ole Opry, also remains a significant catalyst for RHP shares.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Rollins Inc.

    Rollins Inc. (NYSE:ROL)(1.0%) (ROL – $29.27 – NYSE) provides pest control services to nearly two million residential and commercial customers throughout North America primarily under the Orkin and Western Pest brand names. Its services are critical to homeowners and commercial establishments alike, in both expansionary and recessionary times. The company has benefited from growth in the commercial service area and mosquito and bed bug treatments. At the same time, the company has controlled costs through more efficient scheduling and routing. Rollins has been taking advantage of its strong balance sheet to make tuck-in acquisitions. It has also begun franchising more operations outside the U.S. Founded in 1901, Rollins is majority owned by members of the Rollins family.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on McKesson Corp

    McKesson Corp. (NYSE:MCK) (0.1%) (MCK – $186.65 – NYSE) is one of the three largest drug wholesalers in the world and has been expanding aggressively outside the U.S. through the acquisition of Celesio and several other European companies. McKesson recently announced an innovative divestiture of its information technology businesses; it will merge it with privately owned Change Healthcare and the combined company will go public next year. In its core wholesaling business, the company has stabilized its performance after several contract losses, recently signing a large new contract with Walmart. McKesson retains a balanced capital return policy that invests first in its core business but then returns a significant amount of cash to shareholders via dividends and share repurchases, which has helped the company post superior long term growth and returns.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Madison Square Garden Co.

    Madison Square Garden Co. (NYSE:MSG)(0.9%) (MSG – $$172.51 – NYSE) is an integrated sports and entertainment company that owns the New York Knicks, the New York Rangers, the Radio City Christmas Spectacular, The Forum, and that iconic New York venue, Madison Square Garden. These evergreen content and venue assets benefit from sustainable barriers to entry and long term secular growth. MSG completed the separation of its associated regional sports networks in September 2015, leaving a reliable cash flow stream for MSG to reinvest and repurchase shares.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Flowserve Corp

    Flowserve Corp. (NYSE:FLS)(1.0%) (FLS – $45.17 – NYSE) is one of the largest global pump companies, serving the petroleum, chemical, and power industries. The company’s products include engineered and industrial pumps, automated and control valves, actuators, and seals. About 40% of FLS revenues are derived from the oil and gas industry, and should benefit from the refurbishment of the aging refineries in developed countries and the first time build out of the infrastructure in developing nations around the world. Further, oil companies are bringing up dirtier, heavier, and harder to access crude from thousands of feet below ground, as the cleaner, lighter, and easier to obtain crude that is closer to the surface is depleted. This demands more highly engineered pumps, valves, and seals that can work under very high pressure, high temperature, or underwater, boding well for FLS products.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Edgewell Personal Care Co.

    Edgewell Personal Care Co. (NYSE:EPC)(1.4%) (EPC – $84.41 – NYSE) based in St. Louis, Missouri, is the personal care division of Energizer Holdings, which split its personal care and household products divisions on July 1, 2015. Edgewell generates approximately $2.3 billion of revenue through its principal businesses: wet shaving, including Schick-branded razors and blades, Edge and Skintimate shaving preparation and private label shaving products; sun care, including the Banana Boat and Hawaiian Tropic brands; feminine care, including Playtex and o.b. tampons and Carefree and Stayfree liners and pads; and infant care, utilizing the Playtex and Diaper Genie brands. As a pure-play personal care company, Edgewell competes in high-margin, attractive categories with leading brands. We expect management to focus on improving margins through product mix, restructuring savings and operating leverage, which should afford it flexibility to reinvest in growth opportunities. The company has approximately $1.2 billion of net debt providing management with sufficient flexibility to invest in internal growth, make acquisitions and/or repurchase shares. EPC is a likely acquisition target as a multinational competitor with a strong international infrastructure would benefit from scale, cost synergies, and the opportunity to accelerate international expansion.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Brown-Forman Corp

    Brown-Forman Corp. (NYSE:BF.A)(2.4%) (BF/A – $108.03 – NYSE; BF/B – $99.76 – NYSE) is a leading global distilled spirits producer. Spirits is an advantaged category that enjoys high margins, low capital requirements, strong free cash flow generation and good pricing power. The company’s global brands include Jack Daniel’s Tennessee whiskey, Finlandia vodka, Woodford Reserve bourbon, and el Jimador and Herradura tequilas. Jack Daniel’s is one of the world’s most valuable spirits brands, enjoying strong growth both in the U.S. and internationally as consumers increasingly choose to drink American whiskies. The company has also successfully expanded the brand into the fast growing flavored whiskey category. While Brown-Forman does face some near term headwinds from negative foreign currency exposure (over half of sales come from outside the U.S.), the company is positioned to grow revenues and profits substantially over the next several years, and has significant balance sheet flexibility. While the company is family controlled, we believe that if it ever became available for sale it would be highly coveted by other large global spirits players.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli Comments on Bank of New York Mellon Corp

    Bank of New York Mellon Corp. (NYSE:BK)(1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.   


  • Mario Gabelli's Gabelli Asset Fund Shareholder Commentary – June 30

    To Our Shareholders,

      


  • Mario Gabelli Comments on Xylem Inc.

    Xylem Inc. (NYSE:XYL) (1.2%) (XYL – $44.65 – NYSE) is a global leader in the design, manufacturing, and application of highly engineered technologies for the transportation, treatment, and testing of water. The company is expected to benefit from favorable long term fundamentals in the water industry, driven by scarcity, population growth, aging of the infrastructure, and the need to improve water quality. Further, with a large installed base of pumps and systems, the company is well positioned to increase aftermarket revenue, which currently represents roughly 40% of total revenues. Xylem’s attractive business mix also generates strong cash flow, which is expected to support acquisitions across geographies and end markets and increase returns to shareholders. XYL is expected to generate 8%-12% earnings per share growth through 2020 as it accelerates its capital deployment strategy globally.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Waste Management Inc.

    Waste Management Inc. (NYSE:WM) (1.0%) (WM – $66.27 – NYSE) is the largest non-hazardous waste collection and disposal company in the United States. The company collects waste for commercial, industrial, municipal, and residential customers throughout the United States, and operates 249 landfills, 297 transfer stations, 104 recycling facilities, and 122 landfill gas-to-energy facilities. WM has focused on improving profitability by increasing return on capital and cash flow at each of its operations, through cost cutting and price increases. In addition, the company is looking for new environmentally friendly ways to increase returns from garbage, such as landfill gas. The company has a history of returning its strong cash flow to shareholders, both through dividends and its large share repurchase program.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Twenty-First Century Fox Inc.

    Twenty-First Century Fox Inc. (NASDAQ:FOXA) (2.1%) (FOXA – $27.05 – NASDAQ), (0.1%) (FOX – $27.25 – NASDAQ) is a diversified media company with operations in cable network television, television broadcasting, filmed entertainment, and direct broadcast satellite television. Cable networks account for 70% of the company’s EBITDA, and benefit from contractually recurring affiliate fees and exposure to the fast growing global pay television market. We also expect the company to benefit from rising demand for premium content, driven by emerging distribution platforms such as Netflix, retransmission revenue, and aggressive share repurchases.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Sony Corp

    Sony Corp. (NYSE:SNE) (1.0%) (SNE – $29.35 – NYSE) is a diversified electronics and entertainment company based in Tokyo, Japan. The company manufactures televisions, PlayStation game consoles, mobile phone handsets, and cameras. It also operates the Columbia film studio and Sony Music entertainment group. We expect the new PlayStation launch and operational improvements in consumer electronics and entertainment to generate EBITDA growth through 2017. We also think the spinoff of the entertainment assets could be a catalyst.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Ryman Hospitality Properties Inc.

    Ryman Hospitality Properties Inc. (NYSE:RHP) (0.2%) (RHP – $50.65 – NYSE) is a Nashville, Tennessee based REIT that owns convention hotels in Nashville, Tennessee; Orlando, Florida; Dallas, Texas; and Washington, D.C. Other assets include the iconic Opryland, the famous Ryman Auditorium, the General Jackson Showboat, and Nashville based radio station WSM-AM. With property manager Marriot’s operational issues resolved, the team is focused on taking advantage of strong convention bookings trends, seeking to drive margin expansion by increasing occupancy and room rates. Finally, as the leading country music entertainment brand, the potential monetization and spin-off of the Entertainment assets, including the Grand Ole Opry, also remains a significant catalyst for RHP shares.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Rollins Inc.

    Rollins Inc. (NYSE:ROL) (1.0%) (ROL – $29.27 – NYSE) provides pest control services to nearly two million residential and commercial customers throughout North America primarily under the Orkin and Western Pest brand names. Its services are critical to homeowners and commercial establishments alike, in both expansionary and recessionary times. The company has benefited from growth in the commercial service area and mosquito and bed bug treatments. At the same time, the company has controlled costs through more efficient scheduling and routing. Rollins has been taking advantage of its strong balance sheet to make tuck-in acquisitions. It has also begun franchising more operations outside the U.S. Founded in 1901, Rollins is majority owned by members of the Rollins family.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on McKesson Corp

    McKesson Corp. (NYSE:MCK) (0.1%) (MCK – $186.65 – NYSE) is one of the three largest drug wholesalers in the world and has been expanding aggressively outside the U.S. through the acquisition of Celesio and several other European companies. McKesson recently announced an innovative divestiture of its information technology businesses; it will merge it with privately owned Change Healthcare and the combined company will go public next year. In its core wholesaling business, the company has stabilized its performance after several contract losses, recently signing a large new contract with Walmart. McKesson retains a balanced capital return policy that invests first in its core business but then returns a significant amount of cash to shareholders via dividends and share repurchases, which has helped the company post superior long term growth and returns.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Madison Square Garden Co.

    Madison Square Garden Co. (NYSE:MSG) (0.9%) (MSG – $$172.51 – NYSE) is an integrated sports and entertainment company that owns the New York Knicks, the New York Rangers, the Radio City Christmas Spectacular, The Forum, and that iconic New York venue, Madison Square Garden. These evergreen content and venue assets benefit from sustainable barriers to entry and long term secular growth. MSG completed the separation of its associated regional sports networks in September 2015, leaving a reliable cash flow stream for MSG to reinvest and repurchase shares.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Flowserve Corp

    Flowserve Corp. (NYSE:FLS) (1.0%) (FLS – $45.17 – NYSE) is one of the largest global pump companies, serving the petroleum, chemical, and power industries. The company’s products include engineered and industrial pumps, automated and control valves, actuators, and seals. About 40% of FLS revenues are derived from the oil and gas industry, and should benefit from the refurbishment of the aging refineries in developed countries and the first time build out of the infrastructure in developing nations around the world. Further, oil companies are bringing up dirtier, heavier, and harder to access crude from thousands of feet below ground, as the cleaner, lighter, and easier to obtain crude that is closer to the surface is depleted. This demands more highly engineered pumps, valves, and seals that can work under very high pressure, high temperature, or underwater, boding well for FLS products.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Edgewell Personal Care Co.

    Edgewell Personal Care Co. (NYSE:EPC) (1.4%) (EPC – $84.41 – NYSE) based in St. Louis, Missouri, is the personal care division of Energizer Holdings, which split its personal care and household products divisions on July 1, 2015. Edgewell generates approximately $2.3 billion of revenue through its principal businesses: wet shaving, including Schick-branded razors and blades, Edge and Skintimate shaving preparation and private label shaving products; sun care, including the Banana Boat and Hawaiian Tropic brands; feminine care, including Playtex and o.b. tampons and Carefree and Stayfree liners and pads; and infant care, utilizing the Playtex and Diaper Genie brands. As a pure-play personal care company, Edgewell competes in high-margin, attractive categories with leading brands. We expect management to focus on improving margins through product mix, restructuring savings and operating leverage, which should afford it flexibility to reinvest in growth opportunities. The company has approximately $1.2 billion of net debt providing management with sufficient flexibility to invest in internal growth, make acquisitions and/or repurchase shares. EPC is a likely acquisition target as a multinational competitor with a strong international infrastructure would benefit from scale, cost synergies, and the opportunity to accelerate international expansion.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Brown-Forman Corp

    Brown-Forman Corp. (NYSE:BF.A)(2.4%) (BF/A – $108.03 – NYSE; BF/B – $99.76 – NYSE) is a leading global distilled spirits producer. Spirits is an advantaged category that enjoys high margins, low capital requirements, strong free cash flow generation and good pricing power. The company’s global brands include Jack Daniel’s Tennessee whiskey, Finlandia vodka, Woodford Reserve bourbon, and el Jimador and Herradura tequilas. Jack Daniel’s is one of the world’s most valuable spirits brands, enjoying strong growth both in the U.S. and internationally as consumers increasingly choose to drink American whiskies. The company has also successfully expanded the brand into the fast growing flavored whiskey category. While Brown-Forman does face some near term headwinds from negative foreign currency exposure (over half of sales come from outside the U.S.), the company is positioned to grow revenues and profits substantially over the next several years, and has significant balance sheet flexibility. While the company is family controlled, we believe that if it ever became available for sale it would be highly coveted by other large global spirits players.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Bank of New York Mellon Corp

    Bank of New York Mellon Corp. (NYSE:BK) (1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

      


  • The Gabelli ABC Fund Merger and Arbitrage – 'The Deal Fund' 2nd Quarter Shareholder Commentary

    To Our Shareholders,

      


  • HEICO Corporation: Undervalued No More, But Still Predictable

    If you fly, regardless of what you fly, you’ve probably had indirect contact with the HEICO Corporation (NYSE:HEI.A), even though you may never have heard the name. It’s an aviation and aerospace technology company that makes replacement parts and provides a host of other services and products to flying machines.


    You can find it these days on GuruFocus’ Undervalued Predictable list, which is based on Discounted Cash Flow analysis and on how consistently a company can grow its earnings.

      


  • Hotchkis & Wiley Boosts Stake in Discovery Communications

    Hotchkis & Wiley, an independent investment firm, increased its position in Discovery Communications Inc. Class A (NASDAQ:DISCA) by 50.02% as the company increased revenues and operating income during the first half of 2016.


    The firm initially purchased 3,888,600 shares of Discovery Communications at an average price of $31.39 during the first quarter of 2015. Throughout 2015, Hotchkis and Wiley raised their position to 9,875,281 shares, finishing the first quarter of 2016 with 10,347,018 shares. As of June 30, the independent firm owned 15,522,485 shares of Discovery Communications after purchasing 5,175,467 shares at an average price of $25.23.

      


  • A Mario Gabelli Analyst's Take on Royal Gold

    Chris Mancini, CFA is a research analyst with Gabelli & Company covering Basic Metals & Mining. He discusses Royal Gold (NASDAQ:RGLD) in the video below.


      


  • Companies Record 5-Year Lows

    According to GuruFocus' list of five-year lows, these guru stocks have reached their five-year lows: Ralph Lauren Corp. (NYSE:RL), BorgWarner Inc. (NYSE:BWA), HollyFrontier Corp. (NYSE:HFC) and Dana Holding Corp. (NYSE:DAN).


    Ralph Lauren reached $88.81

      


  • Companies Fall to 5-Year Lows

    According to GuruFocus' list of five-year lows, these guru stocks have reached their five-year lows: Guess? Inc. (NYSE:GES), Quality Systems Inc. (NASDAQ:QSII), RPX Corp. (NASDAQ:RPXC) and Ruby Tuesday Inc. (NYSE:RT).


    Guess? reaches $15.71

      


  • Gabelli & Company Analyst Discusses Nordson Corp

    Matthew Trusz, research analyst with Gabelli & Company, discusses a company in which he recently initiated coverage, Nordson Corp. (NASDAQ:NDSN). Trusz expects the company to generate over $5 billion in free cash flow and return about half of it to shareholders in the next five years. He also see EPS growth in the near future. He has a "hold" rating on the stock until its price becomes more attractive. Hear more in the video below.


      


  • Gold Update from Gabelli & Company



  • In Spite of Less Revenue Rite Aid Still Has Growth Potential

    Rite Aid (NYSE:RAD) is the third-largest drugstore chain in the U.S. with stores in 4,570 locations. It sells both prescription and nonprescription drugs as well as other retail merchandise. Currently the stock is trading at a P/E multiple of 57.33x; while comparing it with peers on PEG ratio it is a rather cheap stock to buy, and it has upside potential of 13.65% from the market price of $7.74.


      


  • Stocks Mario Gabelli Has Bought for 2 Quarters

    Mario Gabelli (Trades, Portfolio) is the founder, chairman and CEO of Gabelli Asset Management Company Investors (GAMCO Investors), a $30 billion global investment firm headquartered in Rye, New York. In both fourth quarter 2015 and first quarter 2016 the guru bought shares in the following stocks:


    California Resources Corp. (CRC)

      


  • Insider Buys of More Than $100,000: Opko Health

    Opko Health Inc. (NASDAQ:OPK) CEO, Chairman and 10% owner Phillip Frost M.D. et al bought 16,000 shares on June 14 at a price of $9.01 per share. The total transaction amount was $144,160.


    Opko Health has a market cap of $5.04 billion; its shares were traded around $9.20 with a P/E ratio of 65.69 and P/S ratio of 6.26. Opko Health had an annual average earnings growth of 11.00% over the past 10 years.

      


  • Mario Gabelli Comments on Westar Energy Inc.

    Westar Energy Inc. (1.8%) (NYSE:WR) (WR – $49.61 – NYSE) is an electric utility serving 700,000 customers in central and northeastern Kansas. WR is well positioned to grow its earnings, given a constructive regulatory environment that allows for annual rate adjustments outside of a general rate case to recognize environmental and transmission investment. The company targets long-term EPS growth of 4%-6% off of its 2015 normalized earnings of $2.21 per share. In late 2015, WR implemented a $78 million rate increase based on a 53.45% equity ratio and an undisclosed ROE level (~9.35% inferred off of a 10.926% allowed pre-tax return). WR’s five-year capital expenditure program totals $4.2 billion, including $1.1 billion in 2016, $794 million in 2017, $751 million in 2018, $706 million in 2019, and $810 million in 2020. Management prefers to own the new capacity and believes it can lead to lower customer rates as well as Clean Power Plan compliance. A significant portion of the capital investment (transmission and environmental) is eligible for annual riders, which minimizes regulatory lag. Over the next five years, WR plans to invest over $1.2 billion on transmission rate base, or roughly $250 million per year. WR’s attractive wind resource, constructive regulation and transmission geography, make it an attractive takeover candidate.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on Severn Trent PLC

    Severn Trent PLC (0.3%) (SVT) (SVT – $31.21/2,170 p – London Stock Exchange) is an international provider of water and wastewater services. Severn Trent Water, the UK based utility, provides water to eight million people and wastewater services to nine million people in the Midlands and Mid-Wales. In January 2015, Severn Trent accepted the Final Determination from OFWAT, the UK water regulator, regarding the utility’s five year investment and rate plan for 2015-2020. The plan will likely allow SVT to continue to provide steady and modestly growing returns. Additionally, as one of the UK’s premier water and wastewater providers, Severn Trent is well positioned to provide duly needed expertise and infrastructure investment opportunities in less developed regions across the world. Severn Trent Services, the non-regulated water and waste water service division of the company, which focuses on water purification projects and operating plants and systems for municipalities, has a growing presence in Europe, the Middle East, and Asia. Strong earnings and cash flow profile combined with water and wastewater infrastructure expertise make SVT an attractive takeover candidate.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on Southwest Gas Corp.

    Southwest Gas Corp. (3.1%) (NYSE:SWX) (SWX – $65.85 – NYSE) is a natural gas distribution utility serving 1.9 million customers in geographically diverse portions of Arizona (~1.0 million, or 53%), Nevada (~700,000, or 37%), and California (~185,000, or 10%). From 2008 to 2010, customer growth slowed, due to the overall slowdown in the new housing market and the increase in idle/vacant homes resulting from foreclosures and challenging economic conditions. Over the past several years, customer growth has improved, and over the long term, we expect that the service area will return to higher growth rates as the favorable regional climate and lower housing prices attract customers to inhabit vacant homes. SWX also owns Centuri Construction Group, a full service underground piping contractor that provides trenching and installation, replacement, and maintenance services for energy distribution systems. The pipeline construction business is growing strongly, given the industry’s focus on safety related pipeline replacement programs and achieved the $1 billion revenue milestone. The 2014 acquisition of Link-Line Group’s pipeline construction business expanded the scope and scale of the business, allowing the potential for some type of financial engineering. We consider SWX to be a high quality gas utility with a focused, low risk strategy and solid earnings outlook, driven by recent and future rate increases, expanded infrastructure tracking mechanisms, customer growth, and cost controls.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on PNM Resources Inc.

    PNM Resources Inc. (2.6%) (NYSE:PNM) (PNM – $33.72 – NYSE) is a public utility holding company headquartered in Albuquerque, New Mexico. Regulated electric utility subsidiaries include Public Service Company of New Mexico (PSNM) and Texas-New Mexico Power Company (TNMP). PNM expects rate base growth of 5%-7% per annum at both PSNM and TNMP. PNM’s 2016-2019 capital plan totals $1.7 billion, including $547 million in 2016, $425 million in 2017, $398 million in 2018 (excludes $165 million for PV 3) and $352 million in 2019. In late 2015, PNM received final approval of its major environmental plan and ownership changes for the San Juan coal units. Additionally, PSNM refiled an important New Mexico rate case on August 27, 2015. It requested a $123.5 million annual revenue increase, based on a 10.5% allowed ROE using a rate base of $2.5 billion, for the test year October 2015-September 2016. PSNM expects a NMPRC rate order in the third quarter of 2016. In December 2015, the NMPRC agreed to clarify future test year standards begin 13 months after a rate case is filed. We expect BART and other investment to be recognized in the 2018 future test year rate order. We expect the use of a forward-looking test year to provide PSNM greater opportunity to earn its allowed ROE. Assuming fair regulatory treatment, PNM targets 7%-9% annual earnings growth, which includes 2016 earnings guidance of $1.55-$1.76 per share, and 2017 earnings power of $1.94-$2.01 per share.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on NextEra Energy Inc.

    NextEra Energy Inc. (NYSE:NEE) (4.2%) (NEE – $118.34 – NYSE) is the holding company for Florida Power & Light (FP&L), the largest electric utility in Florida, and NextEra Energy Resources (NER), a leading wholesale renewables operator. We regard NEE as one of the better positioned electric companies to grow earnings and dividends over the next several years. FP&L operates one of the premier utility franchises in the nation, with favorable long term demographics and above average rate base growth potential, due to the power plant rate adjustments, flexible amortization, and other regulatory mechanisms. FP&L’s four year rate plan (2013-2016), premised on an allowed ROE of 10.5% (+/-100-basis points), expires at year-end 2016 and has filed for another constructive multi-year plan. NEE also agreed to purchase Hawaiian Electric Industries (HE) on December 3, 2014, while spinning off American Savings Bank to shareholders. NEE will finance the deal with 0.2413 shares of NEE per share of HE and the assumption of tax liabilities related to the spin off. Additionally, NER owns and operates the nation’s largest renewable power portfolio, with a significant pipeline of future growth opportunities. In mid-2014, NEE IPO’d 20% of a new publicly traded yieldco (NextEra Energy Partners-NEP (less than 0.1%)), to help drive non-regulated renewable generation growth. Many of these projects and opportunities are likely to be “dropped down” into NEP. In addition, NEE entered into a Joint Venture with Spectra Energy on a 465 mile, $3 billion (NEE to fund $1 billion) intrastate pipeline from Alabama through Georgia to southern Florida. The project includes an associated $550 million 126 mile expansion to FPL’s Martin Energy Center.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on National Fuel Gas Co.

    National Fuel Gas Co. (NYSE:NFG) (4.9%) (NFG – $50.05 – NYSE) is a diversified natural gas company. NFG owns a regulated gas utility serving the region around Buffalo, New York, gas pipelines that move gas between the Midwest and Canada and from the Marcellus to the Northeast, gathering and processing systems, and an oil and gas exploration and production business. NFG’s regulated utility and pipeline businesses, as well as its California oil production business, provide stable earnings and cash flows to support the dividend, while the natural gas production business offers significant upside potential. NFG’s ownership of 800,000 net acres in Pennsylvania, including 780,000 acres in the Marcellus Shale, holds enormous natural gas reserve potential. On February 4, 2016, NFG took near-term strategic actions to adjust to the ongoing low natural gas price environment in the Marcellus: (1) lowered the 2016 capital budget (2) delayed the Northern Access 2016 pipeline expansion by roughly one year with new in-service target date of November 2017, and (3) reduced its drilling program to operate one rig in 2016 and 2017. NFG’s actions highlight its unique asset mix and flexibility to endure the current depressed price environment. The company continues to lower well costs and extract operational efficiencies, resulting in lower required break-even realizations in the WDA. We continue to expect above average long term earnings and cash flow growth from rapidly growing gas production and strategically located pipeline expansion. The company has increased its dividend for over forty consecutive years.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on ITC Holdings Co.

    ITC Holdings Co. (0.2%) (NYSE:ITC) (ITC – $43.57 – NYSE) On February 9, ITC agreed to be acquired by Canadian utility Fortis (FTS-C$41.38-TSE) for $11.3 billion (includes the assumption of $4.4 billion of ITC debt), or $44.90 per share, in cash and stock. The transaction price consists of $22.57 per share in cash and 0.752 FTS shares. The transaction price of $44.90 per share represents a 14% premium to the previous day’s close of $39.38 per share and 33% premium to the unaffected share price prior to the November 30, 2015 announcement regarding the strategic review. The $44.90 per share transaction price represents 21.4x our 2016 earnings estimate of $2.10 per share and 12.2x EV/EBITDA multiples, which are at the higher-end of recent utility takeover multiples. The companies expect the transaction to close in late 2016 pending receipt of approvals from the ITC and FTS shareholders, FERC approval, as well as IL, KS, MO, OK and WI. ITC is the nation’s only pure-play transmission company with substantial expertise in transmission operation and development. The transaction makes strategic sense for FTS given that ITC provides regulated rate base growth opportunity, increases diversification, and is accretive to earnings. Based in St Johns, NL Canada, FTS would be among the larger fifteen utilities in North America with a rate of C$28 billion (U.S. $18 billion) and plans to list on the NYSE. FTS currently serves ~2 million electric and 1.2 million gas utility customers throughout Canada, the United States and the Caribbean.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on Iberdrola S.A.

    Iberdrola S.A. (0.1%) (IBE) (IBE – $6.67/5.86 – Bolsas y Mercados Españoles) headquartered in Bilbao, Spain, is one of the larger global power companies with operations primarily in Spain, Portugal, the UK, U.S., Mexico and Brazil. The company owns and operates ~44,600 MW of generation, including 14,200MW of renewables, and serves over ~20 million electric and gas customers. IBE’s strategy is focused on its renewable energy and regulated businesses in countries with high ratings, such as the U.S. On December 17, 2015, UIL Holdings of New Haven, Connecticut and Iberdrola USA combined to form a separate publicly traded utility called AVANGRID. Iberdrola owns 81.5% of AVANGRID and former UIL shareholders own 18.5%. The combination includes Iberdrola USA’s utilities (New York State Electric & Gas, Rochester Gas & Electric, and Central Maine Power) and UIL’s utilities (The United Illuminating Company, The Southern Connecticut Gas Company, The Connecticut Natural Gas Corporation, and The Berkshire Gas Company). The transaction was announced on February 25, 2015, and proposed a total value of $52.75 per share to UIL, a 25% premium to the previous close. The value represented a 21.1x P/E to UIL’s 2015 EPS guidance of $2.50 per share, and 11.2x EV/2014 EBITDA and 9.8x EV/2015E EBITDA. IBE targets earnings growth of ~6% annually from 2016-2020 and expects to invest over 17 billion euros (88% regulated or long-term contracted activities) during the same time period.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on Eversource Energy

    Eversource Energy (2.4%) (NYSE:ES) (ES – $58.34 – NYSE) is New England’s largest electric and gas distribution utility and delivery system. ES, formerly known as Northeast Utilities (NU), is the product of the April 2012 merger between Northeast Utilities, headquartered in Hartford, Connecticut, and NSTAR, headquartered in Boston, Massachusetts, creating a premier New England distribution utility. ES serves 3.6 million customers in Connecticut, New Hampshire, and Massachusetts. We consider ES to be one of the better long term growth stories, driven by transmission investment, cost cutting opportunities, and oil-to-gas heat conversions in the Northeast. The company targets a 5%–7% long term earnings growth rate. ES formed a JV with Spectra Energy (SE) and National Grid (NG-LN) (0.1%) to construct Access Northeast, a $3 billion gas pipeline to supply the region’s electric generators with natural gas. Construction is expected to begin in 2017, with an in service date by the winter of 2018. In addition, ES expects its 180-mile, $1.6 billion Northern Pass electric transmission line to be completed in mid-2019, with construction to begin in late-2016/2017 following a final environmental impact statement and New Hampshire siting approval. The company expects further transmission development as aging nuclear and coal facilities are replaced.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on Edison International

    Edison International (2.4%) (NYSE:EIX) (EIX – $71.89 – NYSE) is one of the nation’s larger regulated electric distribution utilities through Southern California Edison (SCE), serving fourteen million residents (five million customers) in central, coastal, and southern California. Following divestiture of non-regulated businesses and settlement of most outstanding issues related to the closing of the San Onofre Nuclear Generating Station (SONGS) units, we consider EIX to be a relatively low risk high quality utility operating in a constructive regulatory environment. In late 2015, SCE’s 2015-2017 General Rate Case (GRC) was finally decided with higher revenues retroactive to January 1, 2015. EIX targets 7% annual rate base growth based on a 10.45% allowed ROE, a $12 billion 2015-2017 capital program and progressive regulatory principles. The capital program is directed toward replacing, upgrading and modernizing the distribution and transmission system to incorporate renewables, storage, electric vehicle charging stations and various smart grid applications. EIX currently pays an annual dividend of $1.92 per share representing a SCE earnings payout ratio of roughly 47% (using $4.09 per share, midpoint of the 2016 SCE earning guidance range), near the low end of the targeted SCE payout ratio of 45%-55%.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on Empire District Electric

    Empire District Electric (0.7%) (NYSE:EDE) (EDE – $33.05 – NYSE) On February 9, EDE announced an agreement to be acquired for $34 per share in cash by Algonquin Power & Utilities Corp (AQN). The $34 per share purchase price represents a 21% premium to the previous day’s close and 50% premium to the unaffected share price prior to the December 10, 2015 announcement confirming that EDE was in the early stages of exploring strategic alternatives. The $2.4 billion enterprise value, including assumed debt, represents a 10.9x multiple of our 2017 EBITDA estimate and 21.9x our 2017 earnings estimate of $1.55 per share. The transaction is expected to close in the first quarter of 2017 pending approval of EDE shareholders, and the PUC’s of Arkansas, Kansas, Missouri and Oklahoma, the Federal Communications Commission (the FCC), the Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission (the FERC). Alogonquin Power & Utilities Corp. is a renewable energy and regulated utility company with an eclectic set of assets, including 35 clean energy facilities netting to 889 MWs of capacity in Canada and seven U.S. states and Liberty Utilities. Liberty is an electric, gas and water utility serving 485,000 customers in ten states. Algonquin will maintain EDE’s headquarters in Joplin, retain all Empire District Electric employees, and place the Empire management team to lead Liberty Utilities' Central U.S. Region.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli Comments on American Electric Power Co. Inc.

    American Electric Power Co. Inc. (NYSE:AEP) (2.3% of net assets as of March 31, 2016) (AEP – $66.40 – NYSE) is one of the nation’s largest electric utilities. It serves more than 5.4 million retail customers in eleven states (Ohio and Texas are the largest), owns approximately 32,000 MW of generating capacity, 40,000 miles of transmission lines (the nation’s largest), and 223,000 miles of distribution lines. AEP is focused on becoming a premier regulated utility, and it plans to invest $13 billion over the 2016-2018 time period in regulated assets, driving 7.3% CAGR in net regulated plant. Management expects 4%-6% annual earnings growth, driven by capital investment and rate recovery, sustainable cost savings and O&M spending discipline. The company continues to transition its generation fleet from coal to more environmentally friendly sources. Some of the growth will come from AEP Transco, a transmission development subsidiary that is expected to grow to $0.87-$0.96 per share by 2019 from $0.39 per AEP share in 2015, driven by a $3.7 billion transmission capital investment plan for 2016-2018. AEP currently pays an annual dividend of $2.24 per share representing a payout ratio of roughly 60% (using $3.70 per share, midpoint of the 2016 earning guidance range), near the low end of the targeted payout ratio of 60%-70%.

    From Mario Gabelli (Trades, Portfolio)'s Gabelli Utilities Fund first quarter 2016 commentary.   


  • Mario Gabelli's Gabelli Utilities Fund 1st Quarter Shareholder Commentary

    To Our Shareholders,

      


  • Carl Icahn Boosts Stake in Hertz as Stock Price Declines Sharply

    On June 3, Carl Icahn (Trades, Portfolio) of Icahn Enterprises added 1.54% to his Hertz Global Holdings Inc. (NYSE:HTZ) position at an average price of $9.90 per share. The chairman of the limited partnership holding company currently has 64,693,012 shares of the stock.


    One likely reason why Icahn increased his Hertz position is because the company’s stock price decreased sharply throughout the past two years and is near 52-week lows.

      


  • GAMCO's Howard Ward: Brexit Would Harm Europe, Likes GE

    GAMCO CIO of Growth Strategies Howard Ward appeared on Bloomberg this morning discussing how a British exit from the European Union would not only harm the euro and the pound, but all of Europe. He also explained why he liked GE (NYSE:GE) now that it is jettisoning its financial management business and getting back to its roots.

      


  • David Abrams' Top Trades of 1st Quarter

    David Abrams (Trades, Portfolio) founded Abrams Capital Management, which oversees nearly $8 billion in assets across three funds. During the first quarter he traded the following stocks.


    He exited his positions in Cleco Corp. (CNL) and Manitowoc Co. Inc. (MTW) but acquired stakes in NorthStar Asset Management Group Inc. (NSAM) and NorthStar Realty Finance Corp. (NRF).

      


  • Ron Baron Exits Towers Watson

    Guru Ron Baron (Trades, Portfolio) sold his 762,284-share stake in Towers Watson & Co. (NASDAQ:TW) in the first quarter.


    In July 2015, Willis Group Holdings PLC and Towers Watson announced plans to form a $17 billion global professional services firm by merging the two companies. In early January, the company announced that the merger was successful and was conducting business as Willis Towers Watson, a leading global advisory, broking and solutions company.

      


  • Mario Gabelli Comments on Viacom Inc.

    Viacom Inc. (NASDAQ:VIA)(6.1%) (VIA – $45.30 – NASDAQ) is a pure-play content company that owns a global stable of cable networks, including MTV, Nickelodeon, Comedy Central, VH1, BET, and the Paramount movie studio. Viacom’s cable networks generate revenue from advertising sales, fixed monthly subscriber fees, and ancillary revenue from toy licensing, etc. We believe a low valuation and M&A potential outweigh the secular risks of cord-cutting


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • Mario Gabelli Comments on Tyco International Plc

    Tyco International plc (NYSE:TYC)(1.0%) (TYC – $36.71 – NYSE), a company built through serial acquisition, spun-off Covidien and Tyco Electronics in June 2007. In September 2012, the company spun-off ADT, its U.S. residential alarm monitoring business, and merged its flow control business into Pentair. Remaining Tyco is a leading global fire/security system manufacturer and service company with significant recurring revenue and international growth opportunities. The company announced in January 2016 that it would merge with Johnson Controls to offer a complete suite of commercial building services. We expect the deal to close by the fourth quarter of 2016.


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • Mario Gabelli Comments on Time Warner Inc.

    Time Warner Inc. (NYSE:TWX)(1.5%) (TWX – $72.55 – NYSE), located in New York, New York, is a diversified media company with operations in cable networks through HBO, TNT, TBS & CNN, and film & television production. We like the company’s cable networks, high margins and low capital intensity. We expect the company to use its free cash flow to return capital to shareholders through its $1.27 per share dividend and aggressive share repurchases. Following the $85 per share bid by Twenty-First Century Fox (1.7%), we expect Time Warner could be an acquisition target.


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • Mario Gabelli Comments on Newmont Mining Corp

    Newmont Mining Corp. (NYSE:NEM)(2.3%) (NEM – $26.58 – NYSE) based in Denver, Colorado, is one of the largest gold mining companies in the world. Founded in 1921 and publicly traded since 1925, NEM is the only gold company included in the S&P 500 Index and Fortune 500. We expect the company to produce approximately 5.1 million ounces of gold and 320 million pounds of copper in 2016, with over 70% of this production coming from Australia and Nevada. Newmont undertook company wide cost cutting measures during the period 2013 – 2015, lowering its average unit costs base by over 20% during this period. The company has sold non-core assets and has deployed the proceeds from these sales into repaying debt and building new projects which it expects will generate superior rates of return for shareholders.


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • Mario Gabelli Comments on Madison Square Garden Co.

    Madison Square Garden Co. (NYSE:MSG)(2.8%) (MSG – $166.36 – NYSE) is an integrated sports and entertainment company that owns the New York Knicks, the New York Rangers, the Radio City Christmas Spectacular, The Forum, and that iconic New York venue, Madison Square Garden. These evergreen content and venue assets benefit from sustainable barriers to entry and long term secular growth. We believe the now complete transformation project, the rising value of sports franchises (as demonstrated by the sale of the Clippers), and share repurchases, should dramatically increase MSG’s per share value.


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • Mario Gabelli Comments on Liberty Media Corp

    Liberty Media Corp. (NASDAQ:LMCK) (2.1%) (LMCK – $38.09 – NASDAQ) (LMCA – $38.63 – NASDAQ) is a diversified investment vehicle guided by cable television pioneer John Malone, the Chairman, and former Microsoft CFO Greg Maffei, the CEO. The company owns over 60% of satellite radio provider Sirius XM, 35% of Live Nation, the Atlanta Braves baseball club, and stakes in several other public and private entities. Malone and Maffei have created significant value for shareholders over the past several years as they tax efficiently distributed, traded, or sold interests in Discovery Communications (1.1%), News Corp. (0.5%), Time Warner Inc. (1.5%), DIRECTV, Starz, and QVC, among others. Liberty currently trades at a discount to the sum of the public values of its component parts. In a continuing strategy to close that gap, Liberty announced it would split into three tracker stocks reflecting the economics of Sirius XM, the Atlanta Braves and Live Nation, respectively. The tracker stock issuance became effective on Monday, April 19.


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • Mario Gabelli Comments on Honeywell International Inc.

    Honeywell International Inc. (NYSE:HON)(3.9%) (HON – $112.05 – NYSE) operates as a diversified technology company with highly engineered products, including turbine propulsion engines, auxiliary power units, turbochargers, brake pads, environmental and combustion controls, sensors, security and life safety products, resins and chemicals, nuclear services, and process technology for the petrochemical and refining industries. One of the key drivers of HON’s growth are acquisitions that increase the company’s growth profile globally, creating both organic and inorganic opportunities. The company recently acquired Elster Industries, a leading provider of thermal gas solutions, smart meters, software and data analytics for the commercial, industrial and residential heating market. Elster’s gas business offers products in high demand among natural gas customers and brings a strong, global distribution network and numerous cross-selling opportunities for existing HON technologies to new customers. Elster’s gas, electric and water meters are highly valued for their reliability, safety and accuracy. The company maintains an installed base of more than 200 million meter modules deployed over the course of the last 10 years that generate significant recurring revenues. We believe acquisitions such as Elster should drive meaningful and sustained growth for HON spurred by global energy efficiency initiatives and natural resource management.


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • Mario Gabelli Comments on CBS Corp

    CBS Corp. (NYSE:CBS) (6.5% of net asset as of March 31, 2015) (CBS – $58.41 – NYSE) operates the CBS television network and the premium cable network Showtime. It also owns twenty-nine local television stations and 130 radio stations. We believe that CBS has a number of opportunities to generate incremental non-advertising revenue from the sale of existing content to online video distributors and the retransmission of content agreements with traditional distributors. In addition, we expect a continued recovery in advertising to contribute to earnings growth. Finally, we believe that financial engineering, including the announced $3 billion share buyback, could act as a catalyst for shares.


    From the Gabelli 25 Value Fund first quarter 2016 shareholder commentary.

      


  • The Gabelli Value 25 Fund Inc. Q1 Shareholder Commentary

    To Our Shareholders,

      


  • IBM Has More Than Doubled Dividend in 6 Years

    International Business Machines Corporation (NYSE:IBM) has raised its quarterly dividend to $1.40 per share or $5.60 on an annual basis from its previous $1.30 per share or $5.20 per year. The company has a great history of returning value to its shareholders, and we can state that because the firm has increased its dividend every year over the last 21 years.


    Last year the dividend payout was supported by $13.42 diluted EPS. Earnings were growing at a compound annual growth rate of 9%, while dividends grew at a rate of 18%. However, this situation of dividends growing faster than earnings can continue in the future as the current payout ratio is 0.39. During the past 13 years, the highest dividend payout ratio was 0.62, the lowest was 0.09 and the median was 0.19.

      


  • Hedge Fund Gurus Struggle With Low Returns, Criticize Industry

    Returns so far this year for hedge fund managers have been lacking amid stagnant U.S. growth and struggling economies in Asia. At the annual Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) shareholder meeting on April 30, Warren Buffett (Trades, Portfolio) criticized the high fees at many hedge funds and the high pay given to managers for subpar performance.


    “Our two managers at Berkshire (Todd Combs and Ted Weschler) each manage $9 billion,” Buffett said at the shareholder meeting. “They would get $100 million each at a hedge fund just for breathing. The compensation scheme at hedge funds is unbelievable.”

      


  • Mario Gabelli Sells 50 Stakes in 1st Quarter

    Mario Gabelli (Trades, Portfolio) sold out 50 stakes in the first quarter, more stakes than he has sold out in any quarter in more than a year.


    Gabelli sold his 2,772,957-share stake in Boulder Brands Inc. (NASDAQ:BDBD), a Boulder, Colorado-based food company, for an average price of $11 per share. The transaction had a -0.2% impact on Gabelli’s portfolio.

      


  • Mario Gabelli Takes Stake in Valspar Paint Company

    Bronx native Mario Gabelli (Trades, Portfolio) is a dedicated long-time contrarian investor who was in attendance at the Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) annual shareholders meeting last weekend in Omaha. During the first quarter, Gabelli purchased 479,303 shares of The Valspar Corp. (NYSE:VAL).


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  • Mario Gabelli Comments on The Valspar Corp

    The Valspar Corporation (2.2%) (NYSE:VAL)(VAL – $107.02 – NYSE) is engaged in developing, manufacturing and distributing a range of coatings, paints and related products. The company operates through two business segments: Coatings and Paints. On March 31, 2016 Valspar announced an agreement with competitor Sherwin-Williams to be acquired in a transaction with an estimated value of $8.9 billion. The deal specifies that shareholders of VAL will receive $113 cash per share, and requires a shareholder vote along with regulatory approval. However, should the company need to make divestitures exceeding a specified threshold, then the consideration would be revised down to $105. We expect the deal to close in the early part of 2017.

    From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.   


  • Mario Gabelli Comments on The Fresh Market Inc.

    The Fresh Market, Inc. (0.9%) (NASDAQ:TFM)(TFM – $28.53 – NADSAQ) based in Greensboro, North Carolina – is a specialty grocery retail store. It primarily focuses on the perishable product categories, which include meat, seafood, produce, deli, bakery, flora, sushi and prepared foods. The company's non-perishable product categories consist of traditional grocery, frozen and dairy products, as well as bulk, coffee and candy, beer and wine, and health and beauty. On March 14, 2016, Apollo entered into an agreement to buy TFM for $28.50 cash per share. The deal is subject to regulatory approval and approval of a majority of the minority shareholders in the company. The total consideration for the deal is $1.3 billion.

    From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.   


  • Mario Gabelli Comments on The Empire District Electric Company

    The Empire District Electric Company (0.1%) (NYSE:EDE)(EDE – $33.05 – NYSE) is a regulated utility company. The company is engaged in the generation, purchase, transmission, distribution and sale of electricity. It provides its services within Missouri, Kansas, Oklahoma and Arkansas. It operates its businesses in three segments: electric, gas and ‘other’. On February 2, 2016, EDE entered into an agreement to be acquired by Algonquin Power & Utilities Corp. for $34 cash per share. This transaction values EDE at $1.5 billion dollars, and is subject to regulatory approval and shareholder votes. It is currently expected to close in the first quarter of 2017.

    From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.   


  • Mario Gabelli Comments on USG People NV

    USG People NV (1.2%) (NYSE:USG)(USG – $19.78/17.38 – Amsterdam Stock Exchange) is a Netherlands based group of companies that provide services in the field of staffing, human resources and customer care services. The company operates in three segments: General Staffing, Outsourcing and Payroll Staffing, and Specialist Staffing. The company announced on December 22, 2015 that it would be acquired by Recruit Holdings Co., Ltd. for 17.50 EUR per share in a 1.4 billion euro deal. The deal requires satisfaction of a minimum condition in addition to regulatory approval. We currently expect the deal to close in the second quarter of 2016.

    From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.   


  • Mario Gabelli Comments on SABMiller Plc

    SABMiller Plc (0.1%) (SAB)(SAB – $61.13/4,251 p – London Stock Exchange) is a holding company, which has brewing and beverage operations across five regions. The company, together with its subsidiaries, is engaged in the manufacture, distribution and sale of beverages, best known for its Miller brand of beer. On November 11, 2015 SAB agreed to be acquired by Anheuser- Busch InBev in a cash and stock deal valued at 72.6 billion GBP. The terms of the deal give shareholders either 44GBP per share of SAB, or a combination of 3.7788GBP and .483969 shares of Anheuser-Busch. The deal is subject to shareholder approvals and regulatory conditions being met. We currently expect the deal to close in the second half of 2016.

    From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.   


  • Mario Gabelli Comments on Questar Corp

    Questar Corporation (1.3%) (NYSE:STR)(STR – $24.80 – NYSE) is an integrated natural gas holding company that develops, produces and delivers clean energy in the Rockies, North America. The company, through its subsidiaries is principally engaged in three lines of business: Questar Gas Company, Wexpro Company, and Questar Pipeline Company. Questar entered into an agreement to merge with Dominion Resources on February 1, 2016 in a $4.4 billion transaction. Under the terms of the agreement, shareholders will receive $25 cash per share of STR. The deal is subject to traditional regulatory and shareholder votes with an expected closing in the second half of 2016.

    From Mario Gabelli (Trades, Portfolio)'s first quarter 2016 ABC Fund shareholder commentary.   


  • Mario Gabelli Comments on ITC Holdings Corp

    ITC Holdings Corp. (less than 0.1%) (NYSE:ITC)(ITC – $43.57 – NYSE) is an independent electricity transmission company in the United States. The company operates, maintains and invests in transmission infrastructure. The company’s customers include investor owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers. It entered into an agreement with Fortis Inc on February 9, 2016 to be acquired in a $6.9 billion deal. Shareholders of ITC will receive $22.57 cash and .752 shares of Fortis per share of ITC. Both companies must approve the merger, and it must receive regulatory approval. The transaction is expected to close in late 2016.

      


  • Mario Gabelli Comments on Airgas Inc.

    Airgas Inc. (2.3%) (NYSE:ARG)(ARG – $141.64 – NYSE) is a Wayne, Pennsylvania based producer and supplier of industrial and specialty gases. The company agreed to a $13 billion ($143 per share) cash merger with European competitor Air Liquide SA on November 17, 2015. The deal is subject to a majority vote by Airgas shareholders. Closing is expected in the second quarter of 2016, pending antitrust approval in the U.S.

      


  • Mario Gabelli Comments on Ezchip Semiconductor Ltd.

    Ezchip Semiconductor Ltd. (NASDAQ:EZCH), based in Yokneam, Israel is a fabless semiconductor company that provides data-path processing solutions for a range of applications for carrier, cloud and data center networks. On September 30, 2015, the company entered into a merger agreement with Mellanox Technologies to be acquired of $25.50 cash per share, in a transaction worth $765 million. Regulatory and shareholder votes were received by February of 2016, and the deal officially closed on February 22, 2016. The Fund earned a 2.36% annualized return.

      


  • Mario Gabelli Comments on Dyax Corp

    Dyax Corp. (NASDAQ:DYAX) is a Burlington, Massachusetts based biopharmaceutical company. The company is targeting hereditary angioedema (HAE), a rare, genetic inflammatory condition, via their pipeline drug DX-2930, an injectable treatment for the treatment of acute HAE. On November 2, 2015, the company received a $5.9 billion cash merger offer by Shire plc, a leading specialty pharmaceutical company with an interest in the HAE space. The offer was structured to include $37.30 cash per share at closing, along with a contingent value right (CVR) (0.1% of net assets as of March 31, 2016) potentially worth $4.00. The CVR is tied to the FDA approving DX-2930 by 2019. The deal was approved by U.S. antitrust regulators, and it closed on January 22, 2016. No return data is available for the deal at this time because of the CVR structure and unknown future payout amounts.

      


  • Mario Gabelli Comments on BioMed Realty Trust

    BioMed Realty Trust, Inc. (NYSE:BMR), based in San Diego, California operates as a real estate investment trust (REIT). The company owns, acquires, develops, redevelops, leases and manages laboratory and office space for the life science industry. On October 8, 2015, BMR entered into an agreement to be acquired by Blackstone Real Estate Partners VIII. The deal price was $23.75 cash per share and included a provision for a “ticking fee” of $0.003 per share, per day, for each day the deal remained outstanding beyond January 1, 2016. After regulatory and shareholder approval, the deal closed on January 27, 2016 for a total payout per share of $23.82. The Fund earned a 9.13% annualized return.

      


  • The Gabelli ABC Fund 1st Quarter Shareholder Commentary

    To Our Shareholders,

      


  • Gabelli Speculates on Buffett’s Next Elephant


    In an interesting episode of Squawkbox Mario Gabelli (Trades, Portfolio) highlights a couple of companies that Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) CEO Warren Buffett (Trades, Portfolio) might look at next. With Buffett unlikely to ever buy a defense company, Gabelli skips over that sector (although he likes several names in the industry) but instead focuses on water infrastructure:

      


  • Guru Stocks With Low PS Ratio

    According to GuruFocus' All-in-One Screener, the following are companies with a market cap above $5 billion that are trading with a very low P/S ratio.


    FirstEnergy Corp. (FE) is trading at about $35.66 with a P/S ratio of 1.01 and an estimated P/E multiple of 26.22. The company has a market cap of $15.11 billion and over the last 10 years, the stock has dropped by 28%. During the last 52 weeks, the price has been as high as $37.05 and as low as $28.89.

      


  • 7 of Mario Gabelli's Best Investment Ideas

    Value investor Mario Gabelli (TradesPortfolio) is always good for a few interesting stock picks. He just appeared on CNBC and shared stocks he had been buying last Friday and his perspective on a couple of long-time holdings like the Wynn Resorts (NASDAQ:WYNN).


      


  • FedEx: A Nice Bet With Solid 3rd Quarter Figures

    FedEx Corporation (NYSE:FDX) is a leader in global express delivery services, which provides guaranteed domestic and international air express, residential and business ground package delivery, heavy freight and logistics services.


    Revenues increased by 8% year-over-year to $12.65 billion. Reasons behind this growth are the volume growth in its Ground segment as well as some operational improvements in its Express segment.

      


  • Carl Icahn Buys Pep Boys, Xerox

    Carl Icahn (Trades, Portfolio) is an activist investor. He takes minority stakes in public companies and typically pushes for change. He buys beaten-down assets that nobody else wants, usually out of bankruptcy, then fixes them up and sells them when they are back in favor. The real-time picks of the first quarter of the year, according to GuruFocus' Real Time updates, are the following:


    He raised his stake in Rentech Nitrogen Partners LP (RNF) by 1.72%. The deal had an impact of 0.01% on the portfolio.

      


  • Climate Change Spurs Growing Investment in Water Stocks

    On Fox Business last week, Graham and Buffett-style investor Mario Gabelli (Trades, Portfolio), CEO of GAMCO Investors, said he was optimistic about the U.S. economy and listed water as a sector in which he had particular interest. Dr. Michael Burry, after spotting the systemic threat to the global financial system, also started investing in water post-financial crisis, according to the movie featuring him, "The Big Short."


    Making the sector more important is the relative safety of boring public utility stocks, the forecast increase in scarcity for the crucial resource and the instances of contaminated public water supplies. In January, an annual report from the World Economic Forum listed water crises and the third greatest risk facing the world and ninth most likely to happen.

      


  • Mario Gabelli: Invest in Military, Health and Wellness, Water

    Mario Gabelli (Trades, Portfolio), Gamco Investors CEO, told Fox Business on Friday he is "fairly optimistic" about the U.S. economy, and military, health and wellness, water and cable sectors in particular. Gabelli cited names such as Honeywell (NYSE:HON) and Textron (NYSE:TXT) as stocks he found attractive.

      


  • Gabelli Likes Honeywell, Kaman and Textron

    Guru Mario Gabelli (Trades, Portfolio) just appeared on Fox News; in addition to his general outlook on the economy and the market, he also shared three investment ideas.


    Gabelli thinks the economy is going to do well in the U.S. Consumer wealth is high, wages are rising, unemployment is low. The U.S. consumes a lot of oil and with oil at such a low price, there is a lot of spending power that is going to come in. He also expects Europe will start to do better. A summary of his expectation is a continued slow, moderate, sustainable recovery.

      


  • Stocks Reach 5-year Lows

    According to GuruFocus' list of five-year lows, these guru stocks have reached their five-year lows: Blucora Inc. (NASDAQ:BCOR), SeaChange International Inc. (NASDAQ:SEAC), Harte-Hanks Inc. (NYSE:HHS) and Aegerion Pharmaceuticals Inc. (NASDAQ:AEGR).


    Blucora reached $4.96

      


  • Leading Stocks of Last Year Decline Year to Date

    Last year many investors holding value stocks were bruised by losses, while growth investors outperformed them for the year and on a five-year average annual basis, using the iShares S&P 500 Growth and Value ETFs as a rough measure. Though it is unsure what it will mean for investors sticking to value, at least in the first few months of this year some of the leading high-growth, high-valuation tech names they mainly shunned have fallen off their pedestal.


    Most notably, the highest returning stock of 2015, Netflix (NASDAQ:NFLX), has declined 14.2% year to date. The stock gained 134% for the year as one of the few propping up the S&P 500’s returns. With its 350.7 P/E ratio and declining earnings estimates, David Einhorn (Trades, Portfolio) of Greenlight Capital disagreed with the market’s perception too early and shorted the stock last year, weighing on his returns.

      


  • GAMCO's Howard Ward Overweight in Industrials, Still Likes Tech Stocks

    Howard Ward talks about how many oil stocks his company bought, why momentum stocks like Facebook (NASDAQ:FB), Google/Alphabet (NASDAQ:GOOG) and Amazon (NASDAQ:AMZN) still have room to grow for several years, his thoughts on exports and manufacturers, and the outlook for the dollar. He also discloses GAMCO's bullish position in GE (NYSE:GE).

      


  • Should You Buy In on Superior Industries’ Rally?

    Mario Gabelli (Trades, Portfolio) is the founder, chairman, and CEO of GAMCO Investors, a $30 billion dollar global investment firm headquartered in Rye, New York. The investor reported reducing his stake in Superior Industries International (NYSE:SUP) by 1.2%, according to 1,884,951 shares. However, the guru is the major shareholder as of the end of the fourth quarter.


    The fund initiated a position more than five years ago, and since then Gabelli added and reduced the stake, but in 2015, he reduced the stake each quarter 1.88 million. The stock price dropped by 8% in that time frame, so he had probably taken advantage of that depreciation to take the gains. However, Superior Industries International’s shares gained almost 20% year to date.

      


  • Mario Gabelli Sells Alphabet, AT&T

    Mario Gabelli (Trades, Portfolio) is the founder, chairman, and CEO of GAMCO Investors, a $30 billion dollar global investment firm headquartered in Rye, New York. The following were his largest sales during the fourth quarter.


    The guru reduced his position in Cablevision Systems Corp. (CVC) by 8.18% with an impact of -0.17% on the portfolio.

      


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